Lowenstein Sandler was named an Outstanding New Jersey Employer for 2009 by the New Jersey Business & Industry Association (NJBIA).
The honor is one of nine NJBIA "Awards for Excellence," which recognize a select group among the organization's 22,000 member companies for their outstanding achievements in expanding their business, protecting the environment, providing outstanding workplaces, and improving their communities.
Lowenstein Sandler represented its client Actus Lend Lease in connection with the closing of the first phase of the expected three-phase Privatization of Army Lodging (PAL) project. This transaction, which closed On August 14, 2009, marks the first-ever privatization of hotels on U.S. Army bases and covers the privatization of 3,200 existing hotel rooms in 62 lodging facilities across 10 installations in eight states. During the first 24 months after taking over operation of the hotels from the Army, Actus will commence a construction and renovation program that will lead to a majority of the project's hotel rooms becoming branded under one of a select group of brands operated by the InterContinental Hotels Group (IHG).
In connection with the PAL project, Lowenstein's attorneys negotiated a 50-year ground lease and municipal services and utility agreements with the Army, a long-term portfolio hotel management agreement with IHG, and construction loans and lock box/intercreditor agreements with three different institutional lenders.
The Lowenstein team was led by Edward J. (Ted) Hunter, who chairs the firm's Real Estate Practice Group. He also represented Actus Lend Lease in connection with the privatization of military family and unaccompanied personnel housing on Fort Hood, Fort Campbell, Fort Drum and Fort Knox.